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Custodian REIT sells town centre retail unit in Dumfries

The property was acquired as part of a portfolio in September 2014

The Galloway River in Dumfries
The Galloway River in Dumfries

Custodian REIT PLC (LON:CREI) has sold a 20,424 square foot town centre retail unit in Dumfries for £1.125mln.

The UK property investment company said the sale price was in line with the 30 June 2018 valuation.

READ: Custodian REIT PLC sees profits increase as portfolio value rises

The real estate investment trust (REIT) intends to use the proceeds from the disposal to fund acquisitions better aligned with its stated investment strategy.

"Despite a good location within the town let to a strong tenant, we anticipate minimal opportunities for future rental growth and believe the disposal proceeds can be redeployed on property with better income and capital growth prospects," said Richard Shepherd-Cross, the managing director of Custodian Capital, which is the REIT's external fund manager.

Shares in Custodian were unchanged in early deals.

Quick facts: Custodian REIT

Price: 115 GBX

LSE:CREI
Market: LSE
Market Cap: £473.29 m
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